Econergy Renewable Energy Ltd. has secured €31 million in project financing from Kommunalkredit for its approximately 60 MW Ovidiu photovoltaic (PV) project in Romania.
The Ovidiu solar project, which is currently under construction, represents a significant step in Econergy’s efforts to expand its renewable energy portfolio in Romania. According to the company, the financing will primarily support development and construction activities, as well as refinance existing shareholder loans associated with the project, helping advance it toward commercial operation.
As part of its broader hybridisation strategy for renewable assets in Romania, Econergy also plans to integrate a battery energy storage system (BESS) at the Ovidiu site. Construction of the battery storage component is expected to begin by the end of the year.
The agreement marks the second project finance transaction between Econergy and Kommunalkredit, following the earlier financing of the Iancu Jianu solar project. The continued partnership highlights the bank’s confidence in Econergy’s project pipeline, execution capabilities and financial structuring within the Romanian renewable energy market.
Econergy considers Romania a key growth market and continues to develop a diversified pipeline of solar and energy storage projects across the country at various stages of development and construction.
The company said the Ovidiu project financing strengthens its capital structure and supports its broader strategy to scale bankable renewable energy assets across Europe.
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